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The economy of the United Kingdom is a highly developed social market economy. [25] [26] [27] It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), tenth-largest by purchasing power parity (PPP), and twentieth by nominal GDP per capita, constituting 3.1% of nominal world GDP. [28]
The sector added gross value of £151,785 million to the UK economy in 2011. [137] As of 2016, high-street retail spending accounted for about 33% of consumer spending and 20% of GDP. Because 75% of goods bought in the United Kingdom are made overseas, the sector only accounts for 5.7% of gross value added to the British economy. [138]
The annual United Kingdom National Accounts (The Blue Book) records and describes economic activity in the United Kingdom and as such is used by government, banks, academics and industries to formulate the economic and social policies and monitor the economic progress of the United Kingdom. It also allows international comparisons to be made.
The UK produces one of the quickest estimates of GDP of the major economies, about 40 days after the quarter in question. At that stage, only about 60% of the data is available, so the figure is ...
The UK economy posted another quarter of growth between April and June on the back of a stronger services sector, according to official figures. The Office for National Statistics (ONS) revealed ...
Thereafter the United Kingdom's relative economic performance improved substantially to the extent that, just before the Great Recession, British income per capita exceeded, albeit marginally, that of France and Germany; furthermore, there was a significant reduction in the gap in income per capita terms between the UK and USA. [7]
The influential S&P Global/CIPS UK services PMI survey showed a reading of 53.8 in February, as growth slowed marginally from 54.3 in January. ‘UK economy turned a corner’ as service industry ...
The UK has rarely been self-sufficient in terms of food supply. In 2023, the country was 54–60% self-sufficient in food. [4] [5] In 2022, the country produced enough sheep and milk to be self-sufficient, and almost enough poultry, eggs and cereals, but other foods, such as rice, tomatoes and exotic fruits, had to be imported. [6]